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The Resource Complex agent-based models

Complex agent-based models

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Author
Summary
This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system's emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is "from the bottom up". The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth . Given its depth of coverage, the book will enable students at the undergraduate and Master's level to gain a firm grasp of this important emerging approach. "This book is flower blossomed by one of the two greatest Italian economists." Bruce Greenwald, Columbia University "The author's - the ABM prophet's - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory." Jie Wu, Guangzhou Milestone Software Co., China.--
Language
eng
Work
Publication
Extent
1 online resource
Contents
  • Intro; Preface; Contents; Chapter 1: Axiomatic Economics: The Biggest Dying Paradigm; 1.1 A Clock That Always Marks the Same Hour; 1.2 GDP Versus Well-Being; 1.3 The Agrowth Hamster Roams the World; Chapter 2: The Crisis of Economics; 2.1 Children and Fools Imagine Reality: And Also, Sometimes, Queens; 2.2 Economy À̀d Usum Delphini, ́́Even Though Weŕe Hamsters; 2.3 Sediments of History and Not Falsifiability; 2.4 Applying Newtonś Theory to the Movement of Electrons (and Attributing the Failure to the Imperfection of Reality); 2.5 Economics Is a Science, UFOs Are Spying on Us and Cats Bark
  • Chapter 3: A Rather Unusual History3.1 From Axioms to Hypotheses; 3.2 Models with Heterogeneous Interacting Agents: An Escape Route from Axiomatic Economics; 3.3 The Cumbersome Political Economics of Complexity; Chapter 4: Where Do We Go, to Go Where We Have to Go?; 4.1 A Paradigm Shift; 4.2 The House Is on Fire, But Iĺl Use the Only Bucket of Water Left to Have a Shower; 4.3 Dilettantes at Work; 4.4 By Way of Conclusion; References
Isbn
9783319938585
Instance
Label
Complex agent-based models
Title
Complex agent-based models
Creator
Author
Subject
Language
eng
Summary
This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system's emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is "from the bottom up". The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth . Given its depth of coverage, the book will enable students at the undergraduate and Master's level to gain a firm grasp of this important emerging approach. "This book is flower blossomed by one of the two greatest Italian economists." Bruce Greenwald, Columbia University "The author's - the ABM prophet's - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory." Jie Wu, Guangzhou Milestone Software Co., China.--
Member of
Assigning source
Provided by publisher
Cataloging source
N$T
http://library.link/vocab/creatorName
Gallegati, M.
Dewey number
330.015195
Index
no index present
LC call number
HB141
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
New economic windows
http://library.link/vocab/subjectName
  • Econometric models
  • Economics
  • BUSINESS & ECONOMICS
  • BUSINESS & ECONOMICS
  • Economic theory & philosophy
  • Applied mathematics
  • Nonlinear science
  • Macroeconomics
  • Econometric models
  • Economics
Label
Complex agent-based models
Instantiates
Publication
Copyright
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Intro; Preface; Contents; Chapter 1: Axiomatic Economics: The Biggest Dying Paradigm; 1.1 A Clock That Always Marks the Same Hour; 1.2 GDP Versus Well-Being; 1.3 The Agrowth Hamster Roams the World; Chapter 2: The Crisis of Economics; 2.1 Children and Fools Imagine Reality: And Also, Sometimes, Queens; 2.2 Economy À̀d Usum Delphini, ́́Even Though Weŕe Hamsters; 2.3 Sediments of History and Not Falsifiability; 2.4 Applying Newtonś Theory to the Movement of Electrons (and Attributing the Failure to the Imperfection of Reality); 2.5 Economics Is a Science, UFOs Are Spying on Us and Cats Bark
  • Chapter 3: A Rather Unusual History3.1 From Axioms to Hypotheses; 3.2 Models with Heterogeneous Interacting Agents: An Escape Route from Axiomatic Economics; 3.3 The Cumbersome Political Economics of Complexity; Chapter 4: Where Do We Go, to Go Where We Have to Go?; 4.1 A Paradigm Shift; 4.2 The House Is on Fire, But Iĺl Use the Only Bucket of Water Left to Have a Shower; 4.3 Dilettantes at Work; 4.4 By Way of Conclusion; References
Control code
1053887926
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9783319938585
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1007/978-3-319-93858-5.
http://library.link/vocab/ext/overdrive/overdriveId
com.springer.onix.9783319938585
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)1053887926
Label
Complex agent-based models
Publication
Copyright
Antecedent source
unknown
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
  • Intro; Preface; Contents; Chapter 1: Axiomatic Economics: The Biggest Dying Paradigm; 1.1 A Clock That Always Marks the Same Hour; 1.2 GDP Versus Well-Being; 1.3 The Agrowth Hamster Roams the World; Chapter 2: The Crisis of Economics; 2.1 Children and Fools Imagine Reality: And Also, Sometimes, Queens; 2.2 Economy À̀d Usum Delphini, ́́Even Though Weŕe Hamsters; 2.3 Sediments of History and Not Falsifiability; 2.4 Applying Newtonś Theory to the Movement of Electrons (and Attributing the Failure to the Imperfection of Reality); 2.5 Economics Is a Science, UFOs Are Spying on Us and Cats Bark
  • Chapter 3: A Rather Unusual History3.1 From Axioms to Hypotheses; 3.2 Models with Heterogeneous Interacting Agents: An Escape Route from Axiomatic Economics; 3.3 The Cumbersome Political Economics of Complexity; Chapter 4: Where Do We Go, to Go Where We Have to Go?; 4.1 A Paradigm Shift; 4.2 The House Is on Fire, But Iĺl Use the Only Bucket of Water Left to Have a Shower; 4.3 Dilettantes at Work; 4.4 By Way of Conclusion; References
Control code
1053887926
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9783319938585
Level of compression
unknown
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1007/978-3-319-93858-5.
http://library.link/vocab/ext/overdrive/overdriveId
com.springer.onix.9783319938585
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)1053887926

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